Consumers can now very easily breathe a sigh of relief with the new government laws and positive changes they are bringing in just to help the consumers get out of debt in an easier way.
President Obama has brought in some really positive intelligent changes to save the people as well as the economy to successfully come out of this debt problem entangling the whole country.
Obama has introduced stimulus money package as it is bringing new hopes for debtors.
Government after seeing the deplorable condition of the debtors has intervened in this matter and has offered various debt relief programs and tax breaks in order to enable consumers to repay their debts comfortably and lead a debt free happy life.
The stimulus money is helping the consumers in a great way by supporting the debtors in their debt relief programs.
The money is given to the Credit card companies to encourage them to settle the debts.
The consumers will get better profitable deals and in a shorter period of time; where you can just have to pay just 40% of your debt back.
The creditor will also get benefited as he will receive half the percentage from debtor and the rest amount of your debt from these government funds, thus creating a win-win situation for both the debtor and the creditor.
The tax breaks provided by the government will consist of complete exemption of federal tax, tax reduction resulting in lower taxable income and other tax credits.
These tax reliefs are helping people to increase their saving habits and use it in their debt repayment as earlier these tax breaks a major portion of their income and savings would go in the name of taxes which are now completely banned by the government.